One-Page Deal Sheet
Phillips 66 Partners to Acquire Interest in Three Pipeline Systems
Phillips 66 Partners LP Phillips 66
Announced Date
February 17,2015
Transaction Type
Asset
Location
Region
Gulf Coast - South Texas,Permian
Country
United States
State
Texas
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Phillips 66 Partners LP has reached agreement with Phillips 66 to acquire Phillips 66’s interests in three pipeline systems. The acquisition includes one-third equity interests in the limited liability companies that respectively own the Sand Hills and Southern Hills natural gas liquids (NGL) pipeline systems, and a 19.46 percent equity interest in Explorer Pipeline Company, the owner of the Explorer refined products pipeline system.
In exchange, Phillips 66 will receive total consideration of $1.01 billion consisting of $880 million in cash and 1,726,914 newly issued PSXP units, to be…